the U.S. unit of Italian industrial group Fiat (FIA.MI: Quote, Profile, Research) has enough business outside the United States to outweigh any impact on it from the subprime crisis, Fiat Chief Executive Sergio Marchionne said.

"CNH has activities outside the United States which will manage to recoup losses. In particular, Latin America has the wind in its sails," Marchionne said at a presentation in Turin, according to a person attending the event.

"At the consolidated level, the group will not notice anything," Marchionne added.

He said Fiat still aimed to reduce its debt as quickly as possible, but added he wanted to wait for third-quarter results, due in October, before forecasting whether the company would be able to beat its schedule on this.

He said recent personnel changes that put Lorenzo Sistino at the head of the Fiat car brand were the first steps in redesigning management.

"We will see what happens for the end of the year. There will be other changes to help these boys to grow," he said.

Fiat announced on Sept. 18 that Luca De Meo would move to the newly created position of chief marketing officer for the entire group and Sistino, formerly at CNH, would replace him.